Epic Universe is driving higher spending and attendance throughout the Universal Orlando Resort following its May opening, executives from parent company Comcast said Thursday on an earnings call.
The park drove a 19% increase in revenue for theme parks at Comcast, totaling $2.35 billion. Adjusted earnings before interest, taxation, depreciation and amortization was up 4%, limited due to soft-opening costs, CFO Jason Armstrong said.
"We are extremely proud of the successful opening of Epic Universe in May," said Comcast president Mike Cavanagh. "We're pleased with the early results as Epic is already driving higher per-cap spending and attendance across the entirety of Universal Orlando Resort, with strong food and merchandise sales and minimal impact on attendance at Universal Studios Florida and Islands of Adventure."
According to Cavanagh, Universal's near-term focus is on expanding ride throughput to get guests onto attractions more quickly. That will help Universal shed the capacity constraints initially placed on Epic (Universal's ticketing strategy for the park was designed to manage capacity).
Armstrong said he expects the park to increase attendance as the year goes on with "significantly improved operating leverage."
"We're really happy with the consumer response," the CFO said. "We're pleased with how Epic is contributing to the overall Universal Orlando guest experience and performance."
Cavanagh noted that both Universal and its main competitor in the Orlando market, Disney, continue to invest heavily in their parks, which should benefit the entire market.
In the second quarter, Universal's international parks performed strongly in the quarter, but Universal Hollywood faced pressures, Armstrong said.
Coming soon
Universal is gearing up for another launch in a couple of weeks: Universal Horror Unleashed in Las Vegas, opening Aug. 14.
Cavanagh also said Universal is developing a second year-round horror experience, in Chicago.
Further, its Universal Kids Resort is on track to open next year in Texas, and its theme park outside London is scheduled to open in 2031.
"These projects reflect our long-term strategy to expand reach, enter new markets and broaden the appeal of our parks portfolio," he said.